How to pay zero tax upto 10 lakhs
WebJan 18, 2024 · Assume a person earns Rs 10 lakh per year in salary and Rs 20,000 in interest. Due to the standard deduction, the yearly income will be lowered to Rs 9.7 lakh taxable income right away.... WebApr 5, 2024 · Thus, they end up paying zero tax on their taxable income up to Rs. 7 lakh. However, if a taxpayer has an income of just a hundred rupees more (i.e. Rs. 7,00,100), he/she ends up paying tax of Rs ...
How to pay zero tax upto 10 lakhs
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WebNov 28, 2024 · These are some of the most common ways you can opt for while planning to save tax for salary above Rs 10 lakh. If you opt for the new income tax regime: As … WebApr 12, 2024 · An individual opting for the new tax regime for FY 2024-24 will pay zero tax if the taxable income does not exceed Rs 7 lakh in a financial year. Further, an individual …
WebApr 14, 2024 · Pay zero tax on 10 lakhs worth of salary#taxplanning #tax #incometax #finance #charteredaccountant #business #salaried WebJan 10, 2024 · Although the basic exemption limit under the Income Tax Act is only Rs. 2.5 lakhs but by availing the various available exemptions, an individual assessee may pay …
WebThe dividends received from any Indian Company upto Rs. 10 Lakhs are tax free in the hands of the investors under Section 10(34). ... the company will first have to pay 15% of Rs. 100 i.e. Rs. 10 as Dividend Distribution Tax to the Govt. As the company has been made to pay Rs. 15 to the govt for declaring the dividend, effectively it is left ... WebThe best way to save tax for a salary above 15 lakhs is to opt for the old tax regime and claim all the available deductions and exemptions on tax-saving investments. …
WebJan 4, 2024 · Step 1: Claim the standard deduction The interim budget in 2024 gave salaried employees all over the country a reason to... Step 2: Deduct the interest you paid on your …
WebJan 24, 2024 · The government gives special tax exemption for contribution towards the National Pension System (NPS) by employers on behalf of employees under the corporate … cost to finish attic with bathroomWebOct 28, 2024 · No income tax needs to be paid if your taxable income is below Rs 5 lakh in both the regimes, and yet there is a tax of 5% on income above Rs 2.5 lakh. This may seem like a conflicting statement. The truth is, if your income exceeds Rs 2.5 lakh, you do need to pay income tax. cost to finish a small basementWebJan 18, 2024 · Even those who earn a healthy Rs 10 lakh per annum can plan for zero taxes. Assuming a person who has Rs 10 lakh per annum in salary income and Rs 20,000 in interest income. Right off the bat, the yearly income will be reduced to Rs 9.7 lakh taxable … breastfeeding assessment and counseling formWebJan 5, 2024 · 1. First you deduct Rs.500000 as the standard deduction 10,50,0000-50,000 = Rs 10,00,000 2. After this, you can save Rs 1.5 lakh under 80C. In this, you can take advantage of income tax exemption on investment in EPF, PPF, ELSS, NSC and up to Rs 1.5 lakh annually in the form of tuition fees for two children. 10,000,000- 1,50,000 = … cost to finish a garageWebApr 6, 2024 · Under the new tax regime, people earning up to Rs 7 lakhs per annum don’t have to pay taxes. Besides, there us a standard deduction of Rs 50,000 available in the new regime. cost to finish basement ceilingWebJan 5, 2024 · Here's how you can save income tax: 1. Deduct Rs.500000 as the standard tax deduction. Rs 10,50,000 - Rs 50,000 = Rs 10,00,000. 2. Now, you can start your savings by first investing in instruments ... cost to finish basement 2022Web2 days ago · 1. Provisions of Section 54 in a Nutshell. There are two types of schemes in section 54 for rollover deduction in respect of investing in new house the capital gains from sale of residential property: (A) A Regular scheme which an assessee can avail any number of times in his life time by investing long-term capital gains from sale of old ... cost to finish basement calculator